determine the returns to scaleuse the following


Determine the Returns to Scale

Use the following production function and budget constraint to answer the questions below.

Q = L + K                           

1000 = 2L + 4K

a. Determine the returns to scale property of the production function.
b. Determine the returns property to each factor.
c. Determine the optimal quantities of labor and capital
d. Determine the maximum quantity that can be produced.
e. Determine the production relationship between labor and capital.

Request for Solution File

Ask an Expert for Answer!!
Microeconomics: determine the returns to scaleuse the following
Reference No:- TGS0204481

Expected delivery within 24 Hours